ORBEX: CADJPY - Should We Expect A Bullish Minor 5?
It looks like minor wave C (78.500) of the intermediate wave 2 of the corrective A,B,C zig-zag pattern has ended.
The correction started off at intermediate wave 1 (85.23) and ended at the 88.6% FR, marking a correction low at 78.38.
Although minor wave C ending near the 100% FE of the A, B triangulation makes wave C structure a tad weak, the impulsive motive minor 3 wave tells a bullish story. Following a higher low at 79.20, where minor wave 2 completed its correction, prices surged to the 161.80% FE of the minor 1,2 triangulation. With minor 4 currently in play near the 50% FR of the last impulse (79.20-82.10) we could expect another move to the upside to complete wave 5 of intermediate 1.
The current structure suggests that the low of this market could reach the golden ratio at 80.31, and even form a throwback at the minuette e of the corrective triangle. Once bulls get validates (prices shouldn't move below 80.23 minor's 1 top ) we could see prices breaking above minor 3's high. The first stop would be 82.10, then, could reach out to 83.80 level
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
The correction started off at intermediate wave 1 (85.23) and ended at the 88.6% FR, marking a correction low at 78.38.
Although minor wave C ending near the 100% FE of the A, B triangulation makes wave C structure a tad weak, the impulsive motive minor 3 wave tells a bullish story. Following a higher low at 79.20, where minor wave 2 completed its correction, prices surged to the 161.80% FE of the minor 1,2 triangulation. With minor 4 currently in play near the 50% FR of the last impulse (79.20-82.10) we could expect another move to the upside to complete wave 5 of intermediate 1.
The current structure suggests that the low of this market could reach the golden ratio at 80.31, and even form a throwback at the minuette e of the corrective triangle. Once bulls get validates (prices shouldn't move below 80.23 minor's 1 top ) we could see prices breaking above minor 3's high. The first stop would be 82.10, then, could reach out to 83.80 level
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
Comment:
Need upside breakout to remain sustained
Comment:
Looking bullish above 81.34
